We invested over $25bn in oil, cement, sugar in 7 years – Dangote

Africa’s richest man, Aliko Dangote, has disclosed that his business conglomerates have invested over $25 billion in sectors such as oil and gas, cement and sugar in the last seven years in Nigeria. Dangote made this statement while speaking on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in the […]

Africa’s richest man, Aliko Dangote, has disclosed that his business conglomerates have invested over $25 billion in sectors such as oil and gas, cement and sugar in the last seven years in Nigeria.

Dangote made this statement while speaking on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in the US.

The business mogul said this investment was meant to signal confidence to others that it is possible to invest in Nigeria and, by extension, Africa.

“We need to tell them that there are quite a lot of things happening in Africa and the sky’s the limit. Yes of course, there are some few issues here and there, but those issues are solvable,” Dangote said.

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In addition, Dangote stated that his dream is to make Africa self-sufficient, reducing the continent’s reliance on imported goods and services.

He also expressed a preference for being remembered as someone who helped shape Africa’s future, rather than simply being known as the richest man on the continent.

Finding replacement for oil will take a long time

Aliko Dangote also shared his perspective on the shift from fossil fuels to renewable energy, noting that a complete transition away from oil will take a considerable amount of time.

He stated that while the transition to renewable energy is inevitable, the current challenges require Africa to meet its electricity and energy needs through resources like natural gas and coal.

He said: “Transitioning doesn’t happen in one day. It will happen over a period of time. If we are  going to move from where we are straight into renewable energy, we will die.

“Right now, we have 600 million Africans without electricity. We have natural gas, coal and other things. What we do is that we have to do both at the same time. Finding a replacement for oil will take a long time. Do you know what you can produce from oil? You produce over 6,800 items from oil.

“We need to address those issues. Right now, we are having several issues. We don’t have fuel. If we don’t have fuel, what do you do? We are transitioning from fossil fuel to compressed natural gas.”

Will invest in renewable energy

Additionally, the business mogul stated that his company is committed to investing in renewable energy and intends to lead in such opportunities.

He noted that after establishing a refinery, a fertiliser plant, and other industries, it is only logical to expand into the renewable energy sector.